Vietnam: Refunding deposit for in mineral extraction right auction

10:34, 10/04/2012

On March 26, 2012, the Government of Vietnam issued Decree No. 22/2012/NĐ-CP on mineral extraction right auction.

đấu giá quyền khai thác khoáng sản, Nghị định 22/2012/NĐ-CP

According to Article 6 of Decree No. 22/2012/NĐ-CP of Vietnam’s Government, deposits shall be refunded at the end of the auction, except for the following cases:

- The bidders selected to attend the auction and paid the deposit are not present at the auction, except for force majeure;

- The bidders withdraw their bids;

- The auction winner refuses to sign the auction record;

- The auction winner fails to submit the application for the mineral exploration license, mineral extraction license after the time limit specified in Points b and c, Clause 2, Article 11 of this Decree;

- The mineral exploration license is revoked as prescribed by law.

Note: Deposit means an amount (in VND) paid by the bidders before the mineral extraction right auction. Deposit not being refunded shall be remitted to the state budget.

Moreover, according to Article 7 of Decree No. 22/2012/NĐ-CP, the charges for mineral extraction right auction must comply with law on charges and fees. Expenses for the compilation of bidding dossiers; the evaluation and selection of bidders; the organization of auctions by auction councils must comply with the law on property auction.

View details at Decree No. 22/2012/NĐ-CP of Vietnam’s Government, effective from May 15, 2012.

Le Vy

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